The bottem line? There are still good loans available. You need to look for an EXPERIENCED lender to guide you through the process. You may have to do a bit more work on you end to prove your credit worthiness, but in the end, this protects your interest as well as the lenders.
Good luck...it's a great time to buy!
If you do things right - document where money comes from, where money goes, how much you save, you will be in good shape. The things that always exist that you should be aware of is your debt-to-income ratio, credit score, and income & reserves. Many of the 100% financing programs have gone away, so be prepared to pay a downpayment. If these funds are coming from another source (parents, friends, etc.), make sure your loan officer knows now, and not as things get closer to closing.
Before submitting any offers, have a realtor do a CMA for the property so you understand where the values are in the area. I stress planning and education with my buyers. Once you understand what you have to do, then you can execute a plan to make it happen.
It's a great time to buy!